PrimeMinister Nguyen Xuan Phuc laid stress on the significance of bolsteringcooperation with the European Union (EU), a leading strategic partner ofVietnam in economy, trade and investment while chairing a meeting to evaluatebilateral collaboration in the past time in Hanoi on April 14.

Prime Minister Nguyen Xuan Phuc chairs a meeting to evaluate cooperation with the EU in Hanoi on April 14 - Photo: VNA

Two-way trade has seenfruitful results, with the EU being the second largest importer of Vietnam andthe destination for 18 percent of Vietnamese exports, he said, noting that theunion was the third biggest trade partner of Vietnam with two-way tradereaching some 50 billion USD in 2017.

Vietnam enjoyed a tradesurplus of 31.8 billion USD with the EU, he added.

He also pointed out somefactors that hinder two-way trade like the “yellow card” issued by the EuropeanCommission for Vietnamese seafood. The local business climate should beimproved while administrative procedures need to be streamlined to facilitatetrade and investment between Vietnam and the EU, he added.

At the meeting, theGovernment leader ordered relevant ministries to closely work with the EU’sbodies to complete the signing and ratification of the Vietnam-EU free tradeagreement (EVFTA) at the end of 2018, creating a breakthrough for economic andtrade cooperation between the two sides.

The EVFTA, a new-generationfree trade agreement between Vietnam and the EU’s 28 member states, is acomprehensive and high-quality trade pact that balances benefits for bothVietnam and the EU as well as is in line with regulations of the World TradeOrganisation.

Leaders of Vietnam and theEU finished negotiations for the deal in 2015.